Dude this is hilarious one casino lease is merely 1 dollar. Seriously that has to be a great deal for some prime real estate.
The Packer-controlled Publishing and Broadcasting Limited (PBL) pays rent of just $1 a year for its Crown casino complex in Melbourne.
A Victorian Commission for Gambling Regulation report, tabled in parliament on Thursday, reveals Crown’s owners will pay $1 a year for its Southbank site for the first 40 years of its 99 year lease and market value for the remaining years, Fairfax newspapers reported on Friday.
Crown entered the lease in 1993.
The casino made $370.1 million in profit last year, from $2.03 billion in revenue.
Crown spokesman Gary O’Neill told Fairfax the casino site was a “derelict piece of land, which had been unused for a long period and couldn’t be built on until it was cleaned up”.
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